Eximbank Kazakhstan informs Rating Agency Expert RA Kazakhstan affirms the bank sovency rating and ratings of reliability of its bonds of three issues at В++
September 29. KASE
Rating Agency Expert RA Kazakhstan affirmed Eximbank Kazakhstan rating of creditworthiness at В++ (acceptable solvency rating), and ratings of reliability of the bank bonded debt of the first (NIN – KZPC1Y07C299), second (NIN – KZP02Y05C295) and third (NIN – KZP03Y07C299) issues, issued within the first bond program at В++ “Acceptable reliability rating”.
According to the Agency analysts, among factors that have positive impact on rating of Eximbank Kazakhstan are the high sufficiency of funds and the large stake of its capital in liabilities. In addition, among positive factors were emphasized well balanced of assets and liabilities in the mid-term period, good backing of a loan portfolio, comparatively high indicators of profitability, high enough quality of risk management and sufficient access to additional liquidity sources. “The positive factor is a probable support of Eximbank principal owner – Central-Asian Power-Energy Company, which has sufficient assets and liquidity”, – says Rating Agency Expert RA Kazakhstan Director General Adil Mamazhanov.
The impeding impact on the rating is the high portion of loans issued to borrowers that have specific relations with the bank, no license to raise funds in individuals and narrow product loan diversification, issued to individuals. The negative factors are the high level of prolonged debt, large payments during the rating effect, high concentration of large credit risks, declining quality of the loan portfolio. The Agency emphasized high concentration of outstanding debt in the construction sector (over 24%) and comparatively high dependence on resources base from principal depositors.
Eximbank Kazakhstan is on the 18th place in the bank ranking (as of January 1, 2011). As of September 1, 2011 the bank assets made up KZT79.2 bn, the capital – KZT13.4 bn, the net income for 8 months of 2011 – KZT74 mln.